The cryptocurrency market has rebounded since the U.S. Federal Reserve (Fed) announced a sharp interest rate cut of 50 basis points last month. After experiencing a decline caused by geopolitical turmoil, it once again reached $64,000 on Monday (7), reaching a high of $64,466.
However, selling pressure has emerged recently. Bitcoin has repeatedly tested the $62,000 mark after midnight today (9th). Can it hold this point and continue to rise? It remains to be seen.
October is usually a good month for growth
As mentioned in yesterday’s article, based on historical data, October is usually a month with better performance in the cryptocurrency market, also known as “Uptober”: Although previous performance cannot predict future performance, I think the popularity of ‘Uptober’ may affect behavior and cause Bitcoin to perform well in October, and the Uptober effect will continue to appear!
It is also worth mentioning that a whale bought 750 bitcoins worth 46 million US dollars today. The A-share market has adjusted back in the past two days, and funds will slowly flow back into the cryptocurrency market. We are optimistic about the market in the second half of October. Again, the bullish view in October remains unchanged!
How far is Bitcoin from breaking $80,000?
We will definitely see it rise above 80,000 USD in the future! However, the specific time point cannot be predicted, it may be this wave or the next wave.
The market is still in a period of super volatility. The main force is consolidating strongly around the high point of 21 years and the high point of more than 70,000 in this round of market.
The history of cryptocurrency is full of surprises. Over the past few quarters, we have been range-bound as previously locked-up Bitcoin was released from bankrupt exchange Mt. Gox and government vaults.
But there are no major negative expectations in the future, whether macro or industry, there are no factors for a big crash, at least not at the moment. If we can get through the end of this year without similar shocks, I expect to hit a record high or even exceed it.
And the data on the chain is also very healthy. In August, the amount of hoarding by big whales even exceeded the data after March 21, 2020. So I think the intention of the main force is very clear, which is to cooperate with the interest rate cut cycle and complete a large phased harvest.
In the face of super shock periods, we should not be discouraged, and we should not doubt that the power of the trend has ended.
Since the Bitcoin ETF was approved on January 1, 2024, funds have maintained a steady inflow, and the value of holdings now reaches 48.587 billion US dollars.
Compared with the bull market in 2020, the power of funds has seen a qualitative leap. Although the sub-mainstream and copycat markets performed poorly, the global financial markets have gradually recovered since the Federal Reserve cut interest rates on September 19.
The rise of US stocks, gold prices, A-shares, and Hong Kong stocks all provide the answer. As the global financial sector recovers, the currency circle will definitely not be absent; Bitcoin and other digital assets have rekindled the bullish trend, aiming to set a new record high or even surpass it!
Several recent major events may bring about major fluctuations
At 2 a.m., the Federal Reserve released the minutes of its monetary policy meeting.
At 8:30 p.m., the U.S. September unadjusted CPI annual rate and September seasonally adjusted CPI monthly rate
Watch out for short-term price fluctuations
How to choose altcoins? The big bull is coming, which mainstream altcoins are worth ambush?
1- Prioritize altcoins with more than 60% circulation, such as MEME coin and Inscription, which are all fully circulated. The advantage is that the market chip cost of such altcoins that have experienced consolidation is more transparent
2- Only consider buying currencies with large trading volumes, because liquidity always comes first
3- Give priority to the leading currencies in the hottest tracks of the market and the currencies with the strongest resistance to decline and rebound, such as ordi at the beginning of the year and PEPE in the past few months.
4- The best market capitalization ranking is between 100-200, with room for growth
Here are a few altcoins I think are worth ambush:
BNB
Binance recently announced the listing of Scroll (SCR) on its Launchpool and Pre-Market platforms. Users can lock BNB and FDUSD to receive SCR airdrops within two days. Scroll is an Ethereum zkEVM layer 2 solution and is Binance’s first Pre-Market project.
The total amount of SCR is 1 billion, of which 5.5% is used for new coin mining rewards. The initial circulation at the time of launch is 190 million SCR, accounting for 19% of the total circulation.
BNB has been stable, rising 19 out of the past 30 days, equivalent to 63%, and has high liquidity relative to its market capitalization. According to the forecast, the price of BNB may rise by 21.22% and may reach $696.57 by November 7, 2024. The current sentiment remains bullish, with a Fear and Greed Index score of 49, which is neutral.
APT
Aptos is a first-layer blockchain designed to solve significant challenges such as high transaction fees and slow processing times that often affect other platforms such as Ethereum. Aptos was developed by Aptos Labs to leverage its expertise to enhance blockchain capabilities.
Recently, Franklin Templeton has partnered with the Aptos Foundation to launch the OnChain U.S. Government Currency Fund (FOBXX) on the Aptos blockchain. The subscription amount of the fund has exceeded 20 million US dollars, which shows that the integration of blockchain technology and traditional finance has made gratifying progress.
The collaboration aims to enhance interoperability between real-world and treasury-backed assets in non-Ethereum Virtual Machine (non-EVM) blockchain environments. In addition, Aptos Labs announced the acquisition of HashPalette, a subsidiary of HashPort, marking its strategic move into the Japanese blockchain market.
Meanwhile, the APT token has shown significant activity in the market, with its token currently trading at around $9.03. Its intraday gain was 1.63% and its weekly gain was 9.51%. Additionally, the coin’s trading volume has also seen a significant boost, surging 52.17% in the past 24 hours.
